Petrofac wins two contracts to work on refinery in Saudi Arabia

FTSE 100 oilfield services giant Petrofac has scored two engineering, procurement and construction contracts for work on Saudi Aramco's Jazan Refinery and Terminal project.

Under the contacts, which are worth a combined total of $1.4bn, the company's Saudi Arabia office will lead the project management delivery of the work scope which covers tank farms in the north and south areas of the development.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations & Maintenance (ECOM) division, said: "We are delighted to have secured these significant packages for Saudi Aramco on their Jazan Refinery and Terminal project. This will serve to reinforce the relationships and experience we have developed through our recent involvement on the Karan project as well as our on-going Petro Rabigh projects for Saudi Aramco and Sumitomo Chemical Co.

"As this project progresses, we look forward to working closely with Saudi Aramco and our contractors to further deepen our engineering and project management capability in the Kingdom."

On completion, the refinery is set to produce around 400,000 barrels of oil per day, with associated terminal facilities on the Red Sea near Jazan in the south west of the Kingdom of Saudi Arabia.

Petrofac's share price rose 0.49% to 1,645p by 13:30.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.